6 Ways to Avoid Rejection of an Online Navratri Personal Loan Application



Navratri 2017 is coming to an end with Dussehra being the culmination of a 10 days festive period. We will be honest with you, we have received a fair number of personal loan applications during, and before, the Navratri festival. Although many of you have benefited enormously by getting personal loans to spend in this Navratri, we also have had to reject personal loan applications that we found were not adhering to our approval criteria. Through this piece, we wish to inform you as to how you can avoid your personal loan application to fall into Loan Singh’s ‘Rejected’ folder. Loan Singh does its best to evaluate, and at times re-evaluate, a personal loan application form. Our blog has featured innumerable articles which provide details about the eligibility criteria and the documents required for a successful personal loan approval. Loan Singh’s digital lending platform is one of the easiest and helps you save ample of time.


The Need for a Navratri Loan

To cater to the 10 days of festivities, during Navratri, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

The best place to get a really quick and easy personal loan is a digital lending platform – such as Loan Singh. For salaried individuals to gather funds, to celebrate Navratri, within a short span of time is possible only through digital means; traditional banking solutions would take up to weeks to disburse the funds. For a personal loan, the borrower’s creditworthiness determines if he/she can pay the loan EMIs regularly, and that too, without straining his/her daily living. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at least get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes – such as shopping for Navratri, purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.


Being Loan Singh eligible

Before you begin the quick and easy application process at Loan Singh, we urge you to check the following eligibility criteria.


To avail a personal loan from Loan Singh, you need to be a salaried individual – with a minimum monthly salary of Rs.15,000.

Credit score

Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying his/her credit card bills on-time, and has never overspent over the credit card limit. If you have never availed a loan before, you will have no credit history. In such a case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score is, the lower are your chances of being eligible for a personal loan.


You need to be at least 21 years of age, to be considered eligible, for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.


Documentation at Loan Singh

So, you want to know which documents are accepted by Loan Singh to get you an online personal loan?
<Drum rolls>

  • PAN Card, and
  • Latest 6 months bank statement – in PDF

Just 2 documents are required by Loan Singh as compared to the exhaustive list of documents needed at banks.


Application Process at Loan Singh

Not only is a personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh is mentioned below:

Get Started Page – Select ‘PERSONAL LOAN’ from the drop-down for ‘Loan Type’ and enter the loan amount with the desired repayment tenure.

Registration page – Add your contact number, personal email ID, and corporate email ID

Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates

Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.

Address Page – Choose your type of residence; mention your street address, city, state and pin code.

Job Profile Page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.

Financials page – Upload your latest 6 months bank statement from your computer, your GMail account or from your net-banking account.

Auto Debit Page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.


6 Reasons for Loan Rejection

Earlier we saw, how you can make this Navratri a memorable one; thanks to a personal loan from Loan Singh. In case of a rejection, these pointers can help you be cautious and to have a better chance to get an approval next time. Let’s look at some loan rejection reasons and how to avoid them.

Incomplete Applications

It gets difficult for us to assess how many of the borrowers, who left their application incomplete, were actually interested. Many times we receive applications where the applicant does not provide us with his/her PAN; but is actually eligible thanks to a good credit score.

To avoid a rejection for incomplete applications, ensure that you complete the application process on Loan Singh’s web page. Help us; so that we can help you. Trust us, just as we want to trust you.


Borrowers with low-income levels will be rejected outright. This is because of we, at Loan Singh, know how much monthly salary would needed to earn before being able to repay the loan EMIs. Only borrowers who earn a minimum of Rs.15,000 would be considered for a personal loan with Loan Singh. You need money to spend for yourself as well. If you are barely saving enough for yourself, how can you pay the loan EMIs on time?

Damning Credit History

You may be a high salaried individual, capable of paying the loan EMIs. But, if your prior repayment history is default strewn then there is no way you can convince us about your prompt repayments in the future. A personal loan involves no collateral, so your repayment history is the only indication of your past credit responsibilities. Banks reject loan applicants who have never even availed a loan before. If you are salaried for the last 3 months, this will never happen at Loan Singh.

Poor Credit Score

The credit score is ranged between 300 and 900. The better the score, the better are your chances of getting the personal loan approved. A good credit score is dependent on prompt EMI repayments, credit card statement and maintaining a good credit mix.

Not Old Enough

Age is a factor that can lead to your personal loan being rejected. A college student, who desperately needs to buy an iPhone, cannot apply for a personal loan just because it involves no collateral. A borrower expecting to get a personal loan, via Loan Singh, needs to be at least 21 years of age.

Tampered Documents

Being honest with your financials is paramount. Loan Singh is a digital lending platform that does not involve any human intervention while checking and verifying your documents. That is why the bank statement has to be submitted in PDF format only. It would be even better if the statement is forwarded to Loan Singh directly from your net-banking account. Borrowers also try to sneak in tampered financial information to conceal their past defaults. This should not be done, and the application would be out-rightly rejected.


Leave a Reply

Your email address will not be published. Required fields are marked *